Property and Asset Auditing

Property and Asset Auditing

Property management systems, policies, and processes are routinely reviewed and audited to determine whether established performance standards and acceptable levels of compliance are being met. 

Audits provide a systemic check or assessment, results serve as a basis to confirm effectiveness and identify areas for potential improvement and risk management. The key to an acceptable property management system and a successful audit is timely, verifiable, accurate, and complete record keeping that are in compliance with all established policies, procedures, and standards.

Satisfactory audit results are critical. Compliance with commercial and industrial sites ensure ongoing availability of assets and maximize the benefits and support. 

Throughout an audit, close interaction should occur between the auditor(s) and the client. Audit results are provided in writing and include a detailed report of the audit activity. It is important that physical or electronic copies of essential property documents are saved and readily available to support audits and self-assessment or other types of reviews. Satisfactory audit results are critical. Audits confirm effective stewardship and financial responsibility.

 

What we do

Property management audits review business process associated with all the facets of the asset life cycle. The scope and audit methodology are determined by the auditing team and is dependent on the purpose for which the audit is being performed. Within the scope of an audit, compliance with any or all of the following areas may be examined:

  • property management policies and procedures
  • property awareness and compliance with procedures and standards
  • pre-purchase screening and approvals
  • acquisition and procurement practices
  • receiving and identification
  • record completeness, accuracy and timeliness
  • subcontract management
  • physical inventory
  • utilization of property
  • property reports
  • excess property disposal process
  • other facets of property management (i.e. maintenance of equipment and subcontractor property control, system and property security)
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